Currency Exchange Rate Fees

I was looking at this balance where I have a large amount of funds that are waiting for me to collect. Whenever I receive payments from them it is usually in a US currency. However, they do offer me a choice of converting it to Canadian funds and so when I bring it to say the bank I won’t have to worry about paying these high currency exchange fees just to deposit the cheque.

You may think this isn’t a big deal, but from my experience banks can often charge a ridiculous fee to the point where you could easily lose say three percent or more of your total amount. That’s not including say flat fees that many charge on top of that. If you are depositing a lot of money it suddenly becomes very apparent at how much you are losing.

I think the best examples are airports as the rates in those little exchange booths are always a lot higher. It’s almost the equivalent of how even food and drinks are marked up. Take a closer look at it for yourself next time and you may be amazed.